This bank offers loans with competitive fixed rates so you can meet your financial goals.
finder.com’s rating: 3.6 / 5.0
U.S. Bank is one of the select few big banks that has a personal loan option. If you already have an account, you may be eligible for its Premier Loan. But you’ll need decent credit to qualify, and the multitude of fees may increase the cost to borrow what you need.
What makes a U.S. Bank personal loan unique?
As the fifth largest bank in the United States, U.S. Bank stands out by offering its customers personal loans. And although it takes a bit to qualify, you’ll find that the rates you’re offered are quite competitive — especially when compared to some other personal loan providers.
How does a U.S. Bank personal loan work?
The U.S. Bank Premier Loan allows people with excellent credit to borrow between $3,000 to $25,000 for 12 to 60 months. APR starts at 7.49% and goes up to 17.99%, but the lowest APRs are only available for loan amounts of $5,000 or more with automatic payments enabled. You can use your loan funds for just about anything, including consolidating debt, making a major purchase and improving your home — you may even qualify for U.S. Bank’s 1% green home improvement discount.
And while there isn’t an origination fee, you may have to pay a prepayment penalty of 1% if you choose to pay off your loan within the first year. You’ll also face a $29 NSF fee or a $29 late payment fee if you fail to make a repayment on your monthly due date.
What is a U.S. Bank Premier Line of Credit?
If you need more flexibility in your spending and don’t want to take out a personal loan, you also have access to unsecured lines of credit up to $25,000. These allow you to pick and choose how much money you spend, and since they’re unsecured, you won’t need to provide any collateral. As of July 2018, the APR was set at 12.00%. However, it may vary from month to month based on the Prime Rate.
U.S. Bank makes it easy to access your funds, too. You can withdraw your funds from an ATM, at a branch or online, and U.S. Bank provides both Premier Line Access Checks and a Visa Access Card. There are no annual fees, and you’ll only be charged interest on the money you borrow.
Compare your other personal loan options
What are the benefits of a U.S. Bank Premier Loan?
- Fixed rates. Your interest rate won’t change over the life of your loan. You’ll pay the same amount every month, which can make budgeting for your loan a breeze.
- No home inspections or appraisals. If you’re looking to fund a home improvement, you can skip the requirements that come with a home loan.
- Green home discount. You may be eligible for a 1% discount on a home improvement project when you borrow a U.S. Bank Premier Loan. Check with a U.S. Bank representative to see if you qualify.
- No collateral required. U.S. Bank’s Premier Loans — and lines of credit — are unsecured. This means you won’t have to put up any collateral, which lowers your risks in case you’re unable to pay your loan and default.
- Quick process. Apply online, over the phone or at your local U.S. Bank branch through a process designed to get you the funds you need quickly.
What to watch out for
U.S. Bank offers convenience and speed to get you the funds you need, but you should consider a few factors before applying.
- Low rates for good credit. Although U.S. Bank advertises low rates, these are for members with exceptional credit and low debt-to-income ratios. If you don’t have great credit or are paying off previous debt, you may not qualify for the best rates.
- Higher rates than a secured loan. Unsecured loans a riskier financial product for banks, which could mean higher rates and monthly repayments. Keep this in mind when comparing a loan offer from U.S. Bank with offers from other lenders.
- Limited details. U.S. Bank doesn’t provide much information about its loan product on its website. For more details, you’ll have to speak with a representative over the phone or visit a branch.
Am I eligible?
To be eligible for a loan with U.S. Bank, you’ll need to meet the following requirements:
- Excellent credit
- Current U.S. Bank member
- Have a verifiable source of income
- At least 18 years old
In addition, you must hold a Silver, Gold or Platinum account for at least 120 days before applying.
What information do I need to apply?
Apply for a personal loan online, over the phone or at your local U.S. Bank branch by providing personal and financial details that include:
- Your full name and contact information
- Your Social Security number and date of birth
- Proof of employment, such as W-2s and pay stubs
- Your monthly income and debt payments
- The total amount of your assets
I got the U.S. Bank Premier Loan. Now what?
Once you receive your loan funds, you should focus on creating a budget and making your monthly payments. You can repay your loan online, at a branch, by phone or through U.S. Bank’s mobile app.
U.S. Bank has an autopay system that can help you avoid late fees. Your payment will be automatically deducted from your bank account. This convenient option is great for people who don’t want to constantly remember payments and who know they’ll have the money in their account whenever they need. But if you don’t you might want to avoid it — not having enough could mean an NSF fee from U.S. Bank and an overdraft fee from your bank.
A U.S. Bank Premier Loan can be an ideal way to pay for a big purchase or consolidate debt. With decently high loan amounts and reasonable terms, you may qualify for a good loan. But before you make your decision, compare your personal loan options. If you’re not a member of U.S. Bank or don’t have great credit, an online loan will likely be your best bet to secure the financing you need.
And if you need a loan but U.S. Bank’s Premier Loan isn’t right for you, read our guide to other U.S. Bank loans for more information.
Frequently asked questions about U.S. Bank Premier Loans
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